"Patent information is more than just technological or legal information." In the light of this statement, enumerate the practical applications of patent information.

A patent is an exclusive right granted for an invention, which is a product or a process that provides, in general, a new way of doing something, or offers a new technical solution to a problem. To get a patent, technical information about the invention must be disclosed to the public in a patent application. Patents are not just abstract concepts; they play an invaluable, practical role in everyday life. By rewarding ideas, patents encourage the development of innovations and new technologies in every field. Patent information is the name we give to the technical information you find in patent documents, plus legal and business-relevant information about them. Patent documents consist of a first page comprising basic information, such as the title of the invention and the name of the inventor a detailed description of the invention indicating how it is constructed, how it is used and what benefits it offers compared with what already exists drawings claims containing a clear and concise definition of what the patent legally protects Patent documents contain information which can be vital to a broad variety of professions. These range from technical developers and researchers to legal advisers and business strategy managers. It is rightly states that Patent information is more than first technological or legal information. It includes not only the content of published patent documents but also bibliographic and that information concerning patents for inventions, investor certificates, utility certificates and utility models. Some practical applications of patents information include: Tool for creative thinking Patent information provides a source of technological information that can be used by researchers and inventors to find new solutions to technical problems. Input for licensing strategy Analysis of patent information provides valuable technical and business information regarding target or key technology. Supporting mergers and acquisitions Once one or more potential target technologies/companies are identified, then the company can undertake additional patent analysis to narrowed own its choices to decide which of the companies the best merger or acquisition target is. Guiding management of research and development Knowing the life cycle of a technology makes it possible to judge the timing of development policy and focus on certain development themes. Human Resource Management Brain maps can identify star inventions within a company and key inventors in the companies. Well organized information for easier search and retrieval of patent documents, they are classified in accordance with an internationally accepted classification system called the International Patent Classification (IPC).